TAG: Ghana
The year 2018 was trying for the Ghanaian economy, with plans to schedule an exit from an IMF credit deal by year-end, ongoing fiscal and monetary reforms, and an historic consolidation agenda for the banking sector. Despite the scope of adjustments, sentiment among the business community has remained robust, with 93% of respondents having positive or very positive expectations of local business conditions for the coming 12 months. Gradual recovery of GDP has since seen the economy grow again, expanding by 8.4% in 2017, according to the IMF’s October 2018 “World Economic Outlook” report, on the back of enhanced output and exports.
One year ago, when Oxford Business Group released the results of its first Business Barometer: OBG in Africa CEO Survey, almost 50 nations signed an agreement to create what would become the world’s largest trade area: the African Continental Free Trade Area (AfCFTA).